Proof of Assets

    Q1. If the Applicant is in possession of assets amounting to €500,000, or an annual income of €100,000 (arising outside Malta) – is the amount applicable only to the Main Applicant or is it applicable also to the other listed dependents?

    The amount is applicable to the Main Applicant only.

    Q2. If the Applicant is in possession of assets amounting to €500,000, or an annual income of €100,000 (arising outside Malta) – does this amount change if the application is for the Main Applicant and other dependents?

    No, the amounts do not change with the number of persons covered under one application.

    Q3. With respect to monitoring requirements, if the certificate is provided on the basis that he/she has in his/her possession assets amounting to €500,000, or if the Applicant is in possession of an annual income of €100,000 (arising outside of Malta), does this monitoring requirement also apply for dependents listed on the certificate? And in what form should these declarations be presented to MRVA?

    No, monitoring of assets will only be conducted on the Main Applicant and is not applicable to dependents. The declarations will be made through the submission of form MRVP5 Official Compliance Form, which is to be signed by the Beneficiary in front of a Commissioner for Oaths, the Commissioner for Oaths himself, and the RAP/RAA and submitted by the RAP/RAA to MRVA. The Beneficiary and the Commissioner for Oaths sign to endorse that the information submitted is true, factual and correct. The RAP/RAA signs for administrative purposes only. After the first five years, monitoring will happen once every five years.

    Q4. Is the €500,000 capital requirement distinctive from the value of property acquired in Malta together with the €250,000 invested in government stocks?

    Yes, they are different, distinctive requirements. Clients should provide:

    • €250,000 in Qualifying Investment;
    • Property valued at €270,000/€320,000 or rent of €10,000/€12,000 pa +;
    • Capital of €500,000 and/or €100,000 (arising outside Malta) income per annum.

    Q5. In regard to €100,000 (arising outside Malta) proof of annual income; is the declaration by the employer enough?

    Yes, as long as there is enough information on the employer. Evidence, such as salary slips or contract of employment showing the annual salary would suffice.

    Q6. The guidelines make reference to a Statement of Source of Funds and Wealth. What is MRVA expecting in this regard?

    The Statement of Source of Funds and Wealth has been incorporated in form MRVP2. Also, a bank statement of the Applicant’s main account for the last 3 months from which the Initial Fee and the Final Contribution fee will be remitted is required.

    Q7. Not many people keep cash in a bank account for a long time; they may have investment in property, security or business. Can the Applicant present a security/investment portfolio and/or property appraisal and/or company financial accounts?

    Yes these documents are acceptable as long as they are issued from a reputable company or an official entity. These documents will accompany the necessary MRVP forms, including form MRVP2 in which the statement of Source of Funds and Wealth has been incorporated. MRVA is interested in the ‘individual’ financial capabilities and the Applicant must convince the Board that he/she has enough funds to sustain him/herself and dependents. What is important is that reliable evidence is presented to sustain the Applicant’s declaration.

    Q8. Who needs to provide proof of income: Main Applicant or also the dependents?

    Only the Main Applicant is to provide proof of income (€100,000 arising outside Malta annually and/or ownership of €500,000 in kind or in cash).

    Q9. At which stage does the Main Applicant have to submit an affidavit declaring that he/she has a sufficient annual income?

    This declaration is part of the latest version of form MRVP1, which is now considered as an affidavit, and hence is submitted as part of the application pack.

    Q10. With regard to the €500,000 capital requirement, would an architect’s appraisal (valuation) be acceptable as evidence for MRVA in order to establish the total net assets of a client if his/her assets were primarily real estate (and not necessarily cash or other liquid assets)?

    Yes, an architect’s appraisal is acceptable and real estate can form part of the Main Applicant’s capital requirement.

    Q11. Is a spouse considered to be a dependent if he/she has assets or sources of income?

    Although the spouse is considered as a dependent, nothing precludes him/her from being in possession of certain assets and of sources of income.

     

    For any other questions that are not covered here, please contact us on info@nexiabt.com.

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